Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Monday, April 17, 2006
NHR blames non compliance on death of Board Member
NHR (AMEX:NHR) announced at 1808 ET on Thursday April 13, 2206 before the long Good Friday weekend that one of its key Board Members had passed away suddenly. The second half of the press release reported that they are now out of compliance with AMEX listing standards in respect of independent directors. The press release was issued a full thirteen days following the death. Deaths are hard and tragic news. Friends, family and co-workers need time for mourning. But this is not the first time a director has suddenly passed away. Corporate Governance should have a contingency plan in place. This stock should not have run afoul of a critical listing requirement from this tragic event.